Market update Spring 2016
We are now entering the busiest time of the year. I have said for many years that the best time to sell a property in the UK is between April & June as the lighter evenings, better weather and a spring feeling increase the likelihood of a sale. Having said that we had a particularly buoyant first quarter of 2016 for new sales mainly due to the announcement in the autumn statement last year by the Chancellor that stamp duty rates would increase by an additional 3% for all “buy to let” and second property purchasers from 1st April 2016 and this created a “mini boom” in the first quarter of the year which resulted in many additional sales and an increase in prices.
As a result of this unexpected winter activity the market has now cooled a little due to many of the “buy to let” purchasers taking a breather and I am noticing many more home owners and first time buyers entering the market wanting to take advantage of the absence of “buy to let” purchasers and buy their dream home. The absence of “buy to let” purchasers is having an impact on the market and it could be that house prices will level out or even possibly fall a little over the course of the next few months and I would recommend vendors to reassess their asking prices and if you receive a reasonable offer for your property grab it as you may be grateful in a few months that you did.
I believe “buy to let” purchasers will come back in to the market in a few months when they realise that despite the additional purchase costs “buy to let” is still the best investment for your savings but it will be a case of “watch this space “ with regards to what the market does over the next few months.
Having said that the rental market is still booming with rents still increasing and demand for rental property is still strong and because of the recent “buy to let” boom we have had several more properties to let however we always require flats and houses to let throughout NW2, NW6, NW9 & NW10 and please get in contact if you are looking to either sell or rent your property on 02084501633.
JOHN S HOOPER, FNAEA
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